MG Properties Buys Reno Asset for $27 Million
- Mar 08, 2012
Reno, Nev.—MG Properties Group has acquired Manzanita Gate Apartments, a 324-unit community located in Reno, Nev., for $27 million. The REO owned property was purchased from a large Midwest-based loan servicer represented by Phil Saglimbeni and Kenneth Blomsterberg of Marcus & Millichap. MG Properties Group represented itself in the transaction.
The acquisition of Manzanita Gate was financed with a $21.6 million fixed-rate loan from Fannie Mae that was arranged by Rob Prouty at Key Bank Real Estate Capital.
Mark Gleiberman, president of MG Properties Group, describes Manzanita Gate as “a desirable secondary market opportunity that leverages our Northern California operations platform, allowing us to add value through both asset and operation improvements while benefiting from a strengthening Reno apartment market.”
The asset was built in 1997 in the foothills of Northwest Reno, a low density suburban market. There is a unit mix of one- and two-bedroom apartments that average 940 square feet in size.
FHLBank San Francisco awards $32.9M in affordable housing grants
San Francisco—The Federal Home Loan Bank of San Francisco has awarded $32.9 million in Affordable Housing Program grants in the second round of its 2011 AHP funding competition. The grants were awarded through 24 bank members to 59 projects that will produce or preserve 2,958 units of housing.
The cities and towns that will benefit from the AHP funds awarded in Round B include:
- Arizona: Flagstaff, Mesa, Phoenix, Tucson
- California: Alameda, Berkeley, Calexico, Cupertino, Fresno, Guerneville, Half Moon Bay, Huntington Beach, Indio, Jackson, Long Beach, Los Alamos, Los Angeles, McFarland, Modesto, Morgan Hill, Morro Bay, Northridge, Oakland, Paradise, Parlier, Perris, Reedley, Ridgecrest, Salinas, San Francisco, San Jose, San Mateo, Santa Barbara, Stockton, Ukiah, Williams, Yucaipa
- Tampa, Florida
- Chicago, Illinois
- New Orleans, Louisiana
- Charlotte, North Carolina
- Tulsa, Oklahoma
- Portland, Oregon
Madison Realty acquires $28.7M in non- /sub-performing loans
New York—Madison Realty Capital (MRC), an institutionally backed commercial real estate investment fund and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the acquisition of a 15-note portfolio from a regional savings bank.
The loan portfolio, consisting of 15 notes throughout New York City, is secured by 11 properties in Manhattan and 14 in Brooklyn, comprised of 245 residential units and 12 commercial spaces. The loans were originated at various times between 2006 and 2009. The aggregate principal balance of the loans was approximately $28.7 million.
Joshua Zegen, co-founder and managing principal of MRC, made the announcement.
“This transaction supports MRC’s strategy of acquiring non-performing and sub-performing loan portfolios and then applying our vertically integrated platform which includes servicing, property management and asset management to maximize the underlying value of the assets,” said Zegen.
MRC has closed in excess of $150 million in distressed debt transactions with more than 10 banks since 2010 and more than $900 million in both the origination and acquisition of real estate debt since the firm was formed in 2004.